Of course, India has a lot of resource specially in Information Technology and there are a lot of good programmers there. But the problem is that the government is trying to be aggressive against crypto.
So I wouldn't be surprised that they will enforce a full blanket ban (I hope not), but looking at how the central bank of India stance, maybe just maybe they will hinder the development of crypto in the country.
Hi,
YieldWallet founder here. we're hoping it does not come to that (blanket ban), but we're prepared to deal with that eventuality by moving jurisdictions, pushing the technology envelope with DEXes, permissionless tech (Staking, Atomic swaps and so on).
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Gautam
Hi Gautam,
The article posted in the thread, has nothing to do with India specifically. Can you please let us know what do you mean by delegation?
India's crypto scene has definitely evolved to a much advanced state, but the government is pushing us backward. The blanket ban issued by RBI is still in force! So what exactly you are proposing?
If crypto is eventually banned by supreme court, how do you propose to use the banking channel?
Hi Avikz,
We are Indian and based in India and are trying to get out the fact that there are certain types of Crypto startups that can be built while all this uncertainty looms around us.
The government is not pushing us backward. They are doing nothing for now. In a sense yes that will cause us to move backward a bit, I guess as we wait for direction from them.
I split the Crypto space into 2 categories: Fiat->Crypto on ramps, Crypto->Crypto which includes trading, decentralized finance, staking, mining and so on.
The Banking ban issued by RBI is in force which affects only the first category, albeit a very important one. There are ways around this (p2p, otc etc..)
The 2nd category is LARGE and not affected thus far by any of the RBI's diktats. So I propose people do whatever they can with the first category to move from Fiat to Crypto and then focusing on the 2nd category completely, which does not depend on what the RBI says or does.
If crypto is banned by supreme court, a HUGE if and unlikely in my opinion, then I suggest we revisit all of that at that point, but it's not time for that yet and I hope it never will be. You can use banking channel via p2p and otc as your starting point into crypto.
Delegation in the context of Tezos is just the process of pointing your Tezos wallet (kukai, galleon, tezbox and others) to a Baking service like ours (check out yieldwallet.io/tezos for all details), You keep complete control of your Tezos and earn an income (right now 6+% per year). This staking revolution as I call it is moving along full speed and is outside the RBIs purview as a good example of what we can do while we wait for Indian govt direction.
